The Copeland family’s proposed Chinatown Project is up for a vote by the San Luis Obispo City Council on July 1.

The council will vote whether to renew a purchase agreement for two city-owned parking lots near Mission Plaza that are crucial to the project.

The Copelands have agreed to pay $3.7 million for the lot, less than half the property’s fair market value.

A report from city administrators recommends that the council accept the $3.7 million deal – $2.6 million of which would be parking fees for the spaces the project will eat up and $1.1 million that would be the actual purchase price of the property.

That compares to a fair market value estimate for the land of $8.8 million.